Overview: An Icelandic fish sales company approached ITHG AI with the goal of optimizing its sales and logistics processes. The company faced challenges with manual sales management, fluctuating prices, complex documentation, and coordinating communications with multiple suppliers. By implementing an AI-driven solution, the company aimed to increase efficiency, reduce errors, and improve overall profitability.
Manual Sales Management: The company’s sales processes, including communication with suppliers and buyers, were highly manual and time-consuming, especially for shipping logistics.
Variable Quantities and Pricing: Prices and quantities often fluctuated based on agreements, necessitating frequent invoice adjustments, which could lead to errors and delays.
Complex Documentation: Handling invoices, fishing certificates, and shipping documents manually was labor-intensive and prone to mistakes.
Supplier Coordination: Managing multiple suppliers for each transaction added complexity, requiring careful tracking of quantities, prices, and delivery schedules.
AI Solutions Implemented:
Challenges:
Automated Sales Management: AI was implemented to automatically gather information from suppliers regarding inventory, pricing, and delivery schedules, providing buyers with real-time, accurate data.
Price and Contract Analysis: AI algorithms were used to analyze supplier pricing and optimize contract negotiations, ensuring the company secured the best possible terms.
Automated Invoicing: The system automated the creation of invoices, fishing certificates, and shipping documents, reducing manual work and minimizing the risk of errors.
Predictive Analytics for Inventory and Sales: AI analyzed historical sales data and market trends to forecast demand, enabling more efficient inventory management and reducing both overstocking and stockouts.
Results:
Time Efficiency: Automating previously manual processes significantly reduced the time spent on these tasks, allowing employees to focus on more value-added activities.
Improved Inventory Management: AI-driven inventory optimization improved the company’s ability to manage stock levels, leading to better planning and reduced inventory costs.
Increased Profitability: By securing more favorable terms with suppliers and optimizing pricing, the company increased profitability, further enhancing its market position.
Fewer Errors: Automation of documentation processes reduced human errors, ensuring smoother operations and greater accuracy in invoicing and shipping.
Conclusion: With the AI solution in place, the fish sales company saw a marked improvement in operational efficiency, better inventory control, and enhanced profitability. The streamlined processes and reduced manual tasks allowed the company to compete more effectively in the global market, positioning it for future growth and success.